A company wants to set up a new office in a country where the corporate tax rate

Question

A company wants to set up a new office in a country where the corporate tax rate is as follows: 15% of first $50,000 profits, 25% of next $25,000, 34% of next $25,000, and 39% of everything over $100,000. Executives estimate that they will have gross revenues of $500,00, total costs of $300,000, $30,000 in allowable tax deductions, and a one time business start-up credit of $8,000. What is taxable income for the first year, and how much should the company expect to pay in taxes?

Any help would be appreciated, a little explaining wouldn't hurt as well = )
Thanks in advance

Explanation / Answer

That answer is incorrect. The answer is $41,550. I'm just not sure how to get there. (My professor gives us partial answers on the homework).

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